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9, December 2006 Pragati Maidan, New Delhi.
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Pantaloon Retail India Ltd has signed an agreement with Talwalkars Better Value Fitness Pvt Ltd to establish an equal joint venture (JV). The new company would retail fitness or health-related products and services, Pantaloon said in a statement to the stock exchange. A business plan is being drawn up and investment and other terms would be finalised within two weeks. The idea is to have gyms in their malls and sell fitness related products in Pantaloon stores. The JV is likely to launch three fitness centres over the next three months in the cities of Mumbai and Bangalore, he said. Talwalkars operates a chain of gyms in many cities. Pantaloon, says in April it would manage 50 malls through a joint venture with Singapore’s CapitaLand.
Date: 09-Jun-2006
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